This past year marked major milestones for Sustainable Ocean Alliance (SOA) on our ocean impact investing journey.
In 2023, SOA deployed the most it ever has in a single year—$1.08 million USD in grants and investments, and another $694,000 through our affiliate venture capital fund, Seabird Ventures. This two-pronged approach helped startups face increasing fundraising challenges.
2023 saw higher interest rates, uncertainty surrounding the future of U.S. climate policies, and the climate venture market hit a 30% drop. Despite persistent obstacles, SOA is proud to have deployed $4.66 million uSD to visionary founders and grantees since 2018.
We were honored to launch the Ecopreneur Network and introduce the inaugural Class of 2023. In deepening our commitment to visionary ocean startup founders, we pioneered an entirely new model of support for the ocean-climate sector. This leap ushered in a new era of for-profit ocean innovation. Gone is the age of costly, time-bound accelerators. Our founders now receive lifetime venture support.
The mentorship and funding we’ve poured into the sector have advanced equity for ocean advocates of all ages, genders, geographies, and backgrounds. The proof is in the results: the average age of SOA grantees is 28; half of all Ecopreneur Network startups are female-founded or led, and 56% of all grant initiatives to date have been female-led. In 2023 specifically, $676,000 USD in investments and grants went directly to developing countries, and Indigenous people led 16% of grant-funded initiatives.
Measured against 30+ scientific metrics, the collective efforts of our investees and grantees have decreased pollution, reduced bycatch, mitigated greenhouse gases, and beyond—more so than in any previous year SOA has recorded.
This success is only possible thanks to SOA's supporters who fueled our unprecedented impact in 2023.
I know our founders and grantees will continue building on the foundation laid this past year. And 10 years after its founding, SOA is doubling down on our commitment to fueling their evolution, while ushering in new initiatives over this next decade.
Daniela V. Fernandez
Founder & CEO
Sustainable Ocean Alliance
SOA differentiates itself in the ocean impact space by being able to rapidly provide nimble, friendly capital to a diverse global community of ocean-focused people and organizations.
We added over 100 solutions to our porfolio in 2023, bringing our total to 376 (56 companies and 320 grants) across 83 countries since 2018.
Of the 130+ solutions who contributed data to the 2023 report, SOA and our affiliate venture capital fund Seabird Ventures have supported them to-date with over $4 million USD in grants and investments, enabling the creation of blue jobs and stimulating blue economies in critical ecosystems.
Data are from the time of first investment in 2018 and first grant in 2020.
SOA takes a unique approach to solving key ocean challenges by deploying capital through a combination of grants to grassroots orgs and leaders as well as investments in for-profit startups. This strategy has led to SOA supporting a diverse community of people driving ocean solutions and measuring a range of metrics and magnitudes.
For this report, SOA collected self-reported data from companies and grantees active in 2023. We analyze and aggregate data guided by a methodology informed by scientists, investors, startups, and ocean experts. We classify data by five critical ‘areas’ of impact that relate to UN SDG and Ocean Decade 2030 targets, and map to our goal to decarbonize, detoxify, regenerate, and replenish, the planet.
This report represents the work of hundreds of people dedicated to restoring ocean health and we are indebted to them as the driving force behind SOA.
—
Craig Dudenhoeffer
Chief Impact & Investments Officer
Co-founder, Ocean Solutions Accelerator
Taylor Garrett
Associate Director of Grants & Impact
2023 IMPACT: 28,212 Tonnes of CO2 Avoided or Removed | 16 Countries
Decarbonization was a focus of our 2023 grantmaking and investments strategy. As a result of increased capital deployed as well as scaling by previously supported solutions, the amount of carbon dioxide removed and avoided increased significantly as compared to 2022. An estimated 18,959 tonnes was sequestered by blue carbon ecosystems (mangrove, seagrass, marsh, kelp) and 9,253 tonnes was avoided, primarily through more efficient and sustainable material production. According to the EPA, the average passenger vehicle emits 4.6 tonnes of carbon dioxide per year, so these reductions are roughly equivalent to taking over 6,000 cars off the road for a year.
2023 IMPACT: 17,981 Tonnes of Solid Pollution Avoided or Removed and 4,000 Tonnes Upcycled | 26 Countries
Detoxifying our planet requires removing waste and avoiding creating even more through efficient use and re-use, as well as maintaining ecosystems that naturally filter and remove waste. In 2023, SOA solutions removed 12,400 tonnes of pollution, primarily in India, Indonesia, Kenya, Colombia, Ghana, Guatemala, and the United States. Over 5,000 tonnes of waste was avoided, mostly by startups implementing alternative solutions for product, packaging, and fishing gear. In addition to mitigating solid waste, over 150,000 cubic meters (60 Olympic swimming pools) of water wasn’t polluted by toxic brine or agricultural runoff thanks to solutions leveraging bio and technical remediation.
2023 IMPACT: 227 Hectares of Coastal Ecosystems Restored | 19 Countries
Regenerating ecosystems is a broad category, but in terms of 2023 SOA solutions it predominantly means seeding and monitoring mangroves, seagrass, kelp, marsh/estuaries, and reefs. In 2023, 60% of all area restored was mangrove forest, and over 35,000 mangroves were planted. Over 10,000 corals were planted across the Bahamas, Indonesia, Madagascar, Tanzania, Brazil, and Timor-Leste, and 736 hectares of coastal ecosystems were monitored for ongoing restoration progress. The average New York City block is two hectares, meaning a relatively small group of organizations restored over 100 city blocks in a year.
2023 IMPACT: 4,203 Tonnes of Blue Food Generated and 215 Tonnes of Catch Avoided | 16 Countries
Replenishing our fisheries requires improving monitoring and fishing practices, expanding biodynamic aquaculture and mariculture, and implementing more sustainable alternatives to environmentally taxing foods and agricultural processes. Exploring the impact of kelp as a sustainable food source and carbon sink was a focus of 2023 grantmaking, and included: grants to three farms in Alaska and British Columbia; researching kelp and potential farming impacts in Ireland and Namibia; and using AI to estimate its biomass in Canada and the Philippines. Over 200 square kilometers of fisheries were monitored by advanced technologies meant to improve efficiency and reduce waste, and 405 vessels were using new tech to make fishing more sustainable.
2023 IMPACT: 1.9M Hours of Data Collection, 139 Reports Published, 12,325 People Trained, 136,566 People Engaged by Grant Initiatives | 36 Countries
This impact area pertains to equipping decision-makers and the next generation of ocean advocates with accurate data, as well as providing education, opportunities, and exposure to people that need it most. Many of the recipients are students and young grassroots leaders (average age of 26) working on small but locally impactful initiatives. Advocating for a moratorium on deep sea mining was a focus in 2023, and grants supported activation in 14 countries and helped increase the number of signatures on SOA’s joint petition for a moratorium to over 300,000.
In 2023, SOA awarded 98 grants and invested in 12 companies—operating across a combined 61 countries—in addition to welcoming 11 new companies to the Ecopreneur Network. The average SOA grant was $5,930 and the average investment amount was $71,800 by SOA and $138,800 by Seabird Ventures.*
Of all capital deployed, 38% supported operations in developing countries and $302,000 was invested in companies that joined the Ecopreneur Network in 2023.
SOA funded more grants and investments in 2023 than any previous year.
*All dollar amounts are in USD.
Grant
Brunei
Region
Ocean Data, Literacy & Research
Shaima Misli
2021
SOA Brunei conducted an Ocean Leadership Camp called AdvocaSEA Camp, which brought together 30 youth leaders from various schools in Brunei to do a capacity-building program focused on marine conservation. The participants had the opportunity to form collaborations and pitch a project at the end of the program, and some participants were awarded a small grant provided by a partnership with the U.S. Embassy in Brunei.
Learn MoreGrant
United States of America
Region
Blue Foods: Fisheries, Aquaculture, & Seafood Alternatives
Spencer VanDerKamp
2022
Reeler is a mobile app launched in 2020 that connects fishers directly with consumers for affordable, traceable, and fresher fish. This grant will help them increase their number of seller listings, fulfillment percentage, and overall sales of sustainable catch in the Hawaiian Islands.
Learn MoreGrant
United States of America
Region
Ocean Data, Literacy & Research
Alexandra Doudera
2021
Saltwater Classroom was founded in 2018 by Lexi Doudera, a marine biology major who understands that youth education is key to conserving coastal areas. She will build off the success of their SOA-supported curriculum on corals by conducting a "Deep Dive" Workshop for 250 3rd-5th grade students focused on kelp forests in collaboration with non-profit partners. Participants will learn about kelp itself, kelp forests as an ecosystem, trophic cascade, particular species, as well as an introduction to kelp aquaculture and its role in today's ocean landscape. Behind coral reefs, kelp forests are the second most vulnerable ecosystem in the ocean and most people know very little about them.
Learn MoreGrant
Brazil
Region
Ecosystems and Species: Preservation & Restoration
Beatriz Mattiuzzo
2021
This grant supports the work of Marulho, a for-profit social enterprise organization founded by Ocean Leader and Brazil Hub member, Beatriz Mattiuzzo, that recovers abandoned fishing nets and repurposes them into goods for sale. The outcome is to reduce ghost fishing and marine debris. Funding requested is for capacity building, video production and costs associated with removing debris.
Learn MoreGrant
Timor-Leste
Region
Ocean Data, Literacy & Research
Delio da Costa
2021
This project funded the development of the SOA Timor-Leste Hub. In affiliation with the Timorese Youths Initiative for Development organization, they carried out two ocean literacy projects: an ocean story-telling competition and an educational webinar.
Learn MoreGrant
Peru
Region
Ocean Data, Literacy & Research
Stefanie Torres La Torre
2020
SOA Perú developed La Academia to empower more than 40 students to expand academic, citizenship, and leadership skills for ocean conservation and sustainability. During five weekends, 11 experts in different oceanic topics (Maritime Law, Marine Biodiversity, Underwater Photography, Political Participation, Sea Turtle Management, etc.) were able to share their experiences, supplementary materials, and relevant information on the different topics.
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Mexico
Region
Marine Data or Research
Nerea Álvarez Rodríguez
2021
This project is part of a Master's degree thesis in Marine Ecology that explores the Oxygen Minimum Zone (OMZ) on the Mexican Tropical Eastern Pacific coast near the Gulf of California. With SOA funding, this project would use the Winkler method to conduct dissolved oxygen titrations to study the variability of the oxycline in relation to the presence of mesoscale processes in the seasonal cycle, including coastal currents. This would contribute to knowledge on OMZ permanence, distribution, and formation, which is pressing since OMZs are expected to expand under climate change.
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Kenya
Region
Greenhouse Gas: Blue Carbon & CO2e Removal or Avoidance
Josphat Nguu
2020
In 2013, Mikoko Pamoja was founded: the first community-led project in the world to protect and restore mangroves through the sale of carbon credits. As part of the community commitments in Mikoko Pamoja, 4000 new mangrove seedlings are to be planted every year to qualify for quantifiable carbon credits. This project aims to test the Riley Encasement Technique, an innovative replanting method, in a bid to rehabilitate mangroves in the denuded high energy intertidal areas of Gazi Bay.
Learn MoreGrant
United States of America
Region
Ocean Data, Literacy & Research
Stephanie Fine Sasse
2021
Led by organizational founder Steph Fine Sasse, The Plenary inspires students to become scientists through their “I am a Scientist” program, which highlights the life of an ocean-focused scientist by developing curricula and classroom materials that are disseminated within their network of 250 educators and 25,000 middle and high school students.
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